Section 17
Issue of bonds or other securities by body corporate
of Loans and Loan Guarantees Ordinance, 1999
State OrdinanceIn forceProvision 17 of 25
Section 17
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(1)
Notwithstanding anything contained in any written law, the body corporate may issue such bonds or other securities, on such terms and conditions as may be approved by the Majlis Mesyuarat
Kerajaan Negeri for the purpose of giving effect to any agreement aforesaid.
(2)
Notwithstanding anything contained in the written law by which a body corporate is established, the body corporate may charge or mortgage or pledge all or any of its assets (movable or immovable), undertaking or revenue to secure any sum raised by way of loan guaranteed under this Ordinance.
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